A new report by HS2 has estimated a huge surge for the economy surrounding Old Oak Common station in the wake of HS2’s construction.
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A new HS2 report claims that the area around the London station will be a new development hotspot, encouraging inward investment
The report, titled From trains to cranes: HS2 and the West London development boom, discusses the area around the Old Oak Common station.
The report describes the area as going through a transport-led regeneration with thousands of new jobs and homes to come over the next 10 years.
Planning applications in the area have increased since Old Oak Common station began
The report shows that since Old Oak Common station and HS2 were granted Royal Assent in 2017, the number of planning applications in a 1.5-mile radius around the station has increased by 22%. This includes a 290% increase in new homes, and an uplift of 98% in planned floorspace.
In 2017-2024, the planning applications in the area have accounted for £3.41bn, an increase of 325% from the last seven-year period.
The analysis estimates more than 22,000 new homes and just under 19,000 new jobs being created in the area over the next decade.
It is highlighted that the area is transforming from one primarily focused on retail, wholesale, and logistics industries into an area run by high-tech jobs, innovation, and creative industries. Annual salaries in the area are projected to increase by more than £1,500 per year.
Old Oak Common will link to more than 100 stations across the UK
The HS2 station will have 14 platforms for HS2, Great Western Mainline, Heathrow Express, and Elizabeth Line services.
Rail minister, Peter Hendy, said: “This research demonstrates that the construction of HS2 is driving transformational regeneration around the new station at Old Oak Common, with substantial benefits for local people and new opportunities for businesses.
“This is exactly what investment in major infrastructure projects can do – not only will HS2 improve connectivity between London and Birmingham and beyond, but it’s also creating high-skilled jobs, boosting housing and stimulating long-term economic growth.”
Mark Wild, HS2 Ltd’s chief executive, said: “HS2 is designed to increase capacity on Britain’s railways, improve connectivity between our two major cities, and kick start growth in the British economy. This research shows how HS2 is doing just that – boosting economic prosperity locally around HS2’s Old Oak Common station – years before the first trains leave HS2’s platforms.
“It underlines the vital importance of the work I’m now undertaking to reset HS2 and ensure that this railway is efficiently delivered for the lowest reasonable cost to maximise the benefit to the taxpayer.”
David Lunts, chief executive of the Old Oak and Park Royal Development Corporation (OPDC), said: “The delivery of Old Oak Common station is a fantastic catalyst for development and OPDC’s vision for the area will create a new, inclusive urban district for West London. With some 70 acres of development land around the new HS2 station, we have plans for 9,000 new homes and 11,000 new jobs plus new high streets, workspaces, parks and community infrastructure, bringing huge improvements for local communities and substantial growth for the wider London economy.”
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